06.09.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 25250.40, our expected opening band 25215-25235-25260, on the opening move it made a day high 25275.45, further it moved down; made a day low 25127.75 and closed on a negative note at 25145.10 with intra loss 53.60 points, i.e., -0.21%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 25145-25125-25085 levels; if open, trade and sustain above 25145 then, the index may test 25180-25200-25230-25255-25275-25315-25335-25365-25400 levels. On the other hand, the immediate support lies at 25070-25050 if, the Index moves below 25050 then, it may try to re-visit 25010-24970-24920-24890-24865 levels.

Special Mention: Yesterday, Nifty Index traded with a narrow range, made an inside day pattern i.e., not breaking the previous day high or low levels and closed below threshold support levels i.e., 25190. Today, the Nifty index must trade, sustain and closes above 25270-25335 then, it may continue the northward rally to test 25400-25810 levels. On the other hand, the immediate support seen at 25070-24970, further weakness below 24970 then, the Index may try to re-visit 24770-24470 levels in the near term. Let see how the Index opens today near 25145-25125-25085 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51544.25; on the opening move, it made a day high 51636.75; thereafter, it moved down, made a day low 51389.15 and closed on a positive note at 51473.05 with an intra gain 72.80 points, i.e., 0.14%, today Nifty Bank Index must move and trade above 51515-51565 levels; if to do so, then it may try to re-test 51635-51705-51750-51885-51995-52055-52270 levels. On the other hand, any weakness near 51515-51565 further, it moves below 51400-51320 then, the Index may re-visit 51250-51130-51035-50940-50830-50705 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 82469.79; on the opening move, it made a day high 82617.49; thereafter, it moved down, made a day low 82130.44 and closed on a negative note at 82206.16 with an intra loss 146.48 points, i.e., -0.18%, today Sensex must move and trade above 82265-82375 levels; if to do so, then it may try to test 82475-82510-82615-82750-82965-83170-83385 levels. On the other hand, any weakness near 82265-82375 further, it moves below 82130-82020-82000 then, the Index may re-visit 81905-81835-81680-81600-81430-81260 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.688.69 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2970.74 Cr. 

INDIA's Macro Data:-

On 02nd  Sep'24, the HSBC Manufacturing PMI data for the month of Aug'24 released, it moved down to 57.50% from 58.10% (Jul'24). Likewise, the HSBC Services PMI data for the month of Aug'24 released on 04th Sep'24, it moved up to 60.90% from 60.30% (Jul'24).

The RBI MPC meet held on 08th Aug'24-Thursday, the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50%. 

GDP data for the Q4 ending Mar'24 released on 31st Mar'24-Friday, the GDP has moved down to 7.80% Vs.8.40% (Q3-Dec'23).

IIP data for Jun'24 released on 12th Aug'24-Monday, the Industrial production has come down to 4.20%; when compared to the May'24 level, i.e.,5.90%. 

Annual Inflation data for Jul'24 released on 12th Aug'24-Monday, the inflation has come down to 3.54% from Jun'24 level i.e., 5.08%.

WPI Inflation data for the month of Jul'24 released on 14th Aug'24-Wednesday, it has come down to 2.04% as against the Jun'24 level i.e.,3.36%.

Wishing you for a safe, secured and profitable trading.

DISCLAIMER:

The writing in the above daily market update should only be construed as guidance. I assert that any business or investment decisions should not be based purely on the information presented in the daily market update. As a Research Analyst, I will not be responsible for any losses incurred by a visitor/investor/client, as a result of decisions made based on any information given in the daily market update.

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